The Shariah Dimension of Financial Planning (Background of Speaker (Dr.…
The Shariah Dimension of Financial Planning
Background of Speaker
Dr. Ahcene Lahsasna
Chairman of Shariah board of Etiqa Takaful Berhad
Shariah Advisory Council of the Malaysian Financial Planning Council
Master’s and PhD degrees in Islamic law and Islamic jurisprudence from International Islamic University of Malaysia (IIUM).
Member of Shariah Committee at Malayan Banking Berhad and Etiqa General Insurance Berhad (formerly, Etiqa Insurance Berhad)
member of Shariah Committee of Maybank Islamic Berhad, Bank Negara Malaysia and sits in Shariah Advisory Council of the Malaysian Financial Planning Council
Awards: Recipient of the Global Responsible Business Leadership award in 2017 Islamic Financial Excellence
Vice President if Malaysia Financial Planing Council
The process of developing new business, products, services or processes within an existing organization to create value and create new revenue growth through entrepreneurial thinking and action.
4 Main Issues
Incorporate of maqasid shariah in designing the priorities of the client
Preservation and protection of wealth (al-mal)
Preservation and protection of religion (af-din)
Preservation and protection of progeny of dignity (al-'ird)(Nasl)
Preservation and protection of the (al-nafs)
Preservation anf protection of inflect. (al-aql)
It is important to identifying the underlying financial contract governing the business of financial planning. As they represent to the point of reference in Shariah compliance.
A process of assisting clients in determining their financial goals and priorities and the resources to meet their optimally within the parameters of the Shariah.
Individual who is professional to help others about their financial to meet up their long/short term financial objectives.
Important criteria in Islamic financial planning
Assistant to people in order to manage their finance in proper manner.
Important component in driving the financial planning to the best achievement
Design the way of the financial achievement base on the available wealth and resources of the client.
Improving the competitiveness of the Islamic market by improving efficiency and competitiveness, the Islamic financial industry needs to be advanced. In order to promote growth and use competition, it is necessary to establish a more mature Islamic bank in the medium term. As a short-term measure, potential qualified participants can be developed by reviewing Islamic banking.
As the central institution for Islamic affairs management and Uma development, the Malaysian Ministry of Islamic Development (JAKIM) will work hard to fully support and support the development of the Islamic financial industry by monitoring and implementing the “world-class” system. “To ensure that the image of Malaysia is maintained. Therefore, JAKIM and its agencies will always assist the government and its related parties to survive the challenge of maintaining the Islamic financial industry in Malaysia through relevant programs. Through the National Bank of Malaysia, the Securities Commission, ISRA and Close cooperation between various agencies such as AIBIM has achieved this goal.
The range of players and Islamic financial products as well the services should be increase to support the continuously growth in the Islamic finance industry. For examples,the government can issue more licences to the Islamic banks and institutions to stimulate the growth as the investors and public can get easier to access to the information of the financial products they interested.
Financial globalization will provide international financial institutions with good access to the virgin market (Middle East and foreign countries), as well as new sectoral clients for microfinance projects, women's financing, private banking, investment privatization projects to meet government agencies. There is currently no traditional banking service for financial needs. This will give Shariah dimension of Financial Planning the advantage of these divisions. In addition, Shariah Financial Planning can expand its investment activities and diversified financial resources. By establishing new branches or affiliated banks in the virgin market.
Recommendation for Islamic Finance Malaysia, Shnurmiera, 2017
Fostering corporate entrepreneurship, D Arthi & Dr Chandra Mohan, pg80- pg 82, 2007
Shariah financial planning is a benefit for Islamic client to determining their financial goals and priorities. All activities related to wealth such as protection, investment should be conducted on the basic of the relevant Shariah guidelines.
what the company does to foster corporate entrepreneurship in organization
Establish a conducive intrapreneurial environment
2.Have appropriate leadership characteristic and top management's commitment.
Leading Environment of Empowerment
Leading an entrepreneurial culture